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Causal relationship between financial development and economic growth: Evidence from Turkey
(Nova Science Publishers, Inc., 2012) Karahasan, B.C.
Financial development and economic growth link is a closely investigated area. While historical and traditional studies dominate the literature, mainly after the rise endogenous growth models, mechanical studies evolve to describe the possible relationships. Originating from the McKinnon and Shaw hypothesis (1973), this chapter aims to discuss the financial development and economic growth relation with special emphasis on the causality debate in Turkey. While cross-section studies of early 1990s clarify the McKinnon and Shaw hypothesis, the rise of time series evidence during the late 1990s starts to question the direction and the strength of the hypothesis. Following the ongoing debate, this chapter concentrates on bank-based and stock market-based financial intermediation channels in Turkey. Applying a vector autoregressive (VAR) framework and checking for the cointegration behavior, models indicate conflicting results with the expectations. While the strength of the relation between financial development and economic growth varies between the chosen indicators, the short-run and long-run impacts are also at odds. ©2012 Nova Science Publishers, Inc. All rights reserved.